10x Genomics (NASDAQ:TXG) Price Target Lowered to $18.00 at Morgan Stanley

10x Genomics (NASDAQ:TXG) had its target price cut by Morgan Stanley from $26.00 to $18.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also recently weighed in on the stock. Citigroup lowered their price target on shares of 10x Genomics from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Leerink Partners downgraded 10x Genomics from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $25.00 to $12.00 in a research report on Thursday, February 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of 10x Genomics in a report on Saturday, May 10th. JPMorgan Chase & Co. reduced their price target on 10x Genomics from $12.00 to $9.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Finally, Stifel Nicolaus decreased their price objective on 10x Genomics from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, 10x Genomics presently has a consensus rating of “Hold” and a consensus target price of $15.81.

10x Genomics Trading Down 4.9%

Shares of NASDAQ TXG opened at $8.93 on Monday. The company has a fifty day moving average price of $8.73 and a 200 day moving average price of $12.26. The firm has a market cap of $1.09 billion, a PE ratio of -5.88 and a beta of 1.94. 10x Genomics has a 1-year low of $6.78 and a 1-year high of $25.55.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.09. The company had revenue of $154.88 million for the quarter, compared to the consensus estimate of $131.91 million. 10x Genomics had a negative net margin of 29.90% and a negative return on equity of 25.40%. The firm’s revenue was down 2.3% compared to the same quarter last year. During the same period last year, the company earned ($0.50) earnings per share. Equities research analysts forecast that 10x Genomics will post -1.43 EPS for the current year.

Insiders Place Their Bets

In related news, Director Alan Mateo acquired 40,000 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was purchased at an average cost of $11.14 per share, with a total value of $445,600.00. Following the completion of the acquisition, the director now directly owns 61,691 shares of the company’s stock, valued at approximately $687,237.74. This trade represents a 184.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Serge Saxonov sold 5,092 shares of 10x Genomics stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $11.07, for a total transaction of $56,368.44. Following the transaction, the chief executive officer now directly owns 879,482 shares in the company, valued at $9,735,865.74. This represents a 0.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.39% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

A number of hedge funds have recently bought and sold shares of the business. Signaturefd LLC increased its position in 10x Genomics by 424.6% during the fourth quarter. Signaturefd LLC now owns 1,794 shares of the company’s stock valued at $26,000 after acquiring an additional 1,452 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of 10x Genomics during the fourth quarter valued at approximately $32,000. Blue Trust Inc. increased its stake in shares of 10x Genomics by 73.1% during the fourth quarter. Blue Trust Inc. now owns 3,075 shares of the company’s stock valued at $44,000 after buying an additional 1,299 shares during the period. Sound Income Strategies LLC raised its holdings in shares of 10x Genomics by 65.2% in the 4th quarter. Sound Income Strategies LLC now owns 3,370 shares of the company’s stock valued at $48,000 after purchasing an additional 1,330 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in 10x Genomics in the fourth quarter worth approximately $52,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.